Outstanding finance and logbook

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Boober89

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Hello. I was having an argument with the seller few days ago. It occurred that the car in question had an outstanding finance. The seller is my co-worker and I was willing to take the risk, however my doubt was that the Shannon office won't even change the ownership on the logbook so I won't be able to even insure the car as it won't be under my name. Was I right? The seller claimed that there should be no issue in that regard and the change of ownership will go smoothly. Please assist.
 
What kind of finance is on the car?If its a secured loan like hp or a PCP then you may find the car on the back of a tow truck being repossessed.
 
Even if the seller keeps on paying the loan? What about the logbook? I will need to check with my friend.
 
Walk away now that is my advice, the log book to not a problem as the Shannon office don’t know if the car is on finance or not (how would they). However the finance house can still repossess the car if payments are not made. This happen to me when I bought through a garage so I had some “come back” but if you buy privately you won’t. So walk away!!!
 
There is no issue getting the logbook. But the finance company still owns the car and can reposses it if the original owner doesn't repay the financing.
 
My thinking about the Shannon motor office was, that if the finance company calls themselves as the owner of the car, there needs to be some information about that fact in Shannon motor office.
 
Stop obsessing over the Shannon tax office. Concentrate on the fact that you are buying a car with outstanding finance where the contract was made between the seller and the finance company. You need to find out if a change of ownership is allowed. If it is not, then walk away. If it is allowed, how is the changeover made, what happens the outstanding finance etc. will then need to be gone through.
 
The simple fact is that there in finance on this car, therefore the finance company has a charge against this car and if payments are not made then they can repossess the vehicle. You may be friendly with your co-worker but once he get the lump sum payment from you he may “forget” to make the payment to the finance company and you will lose the money & the car.

Walk away
 
Having the "log book" in your possession and / or in your name is not proof of ownership. It says so on the document itself.

There is the "registered owner" and the "beneficial owner" The registered owner in this case is the OP's colleague but the benficial owner is the finance company / bank. Irrespective of the name on the "log book" the car remains their property until all the outstanding finance is paid.

I'd walk away, unless you colleague can produce a statement showing zero finance owing.
 
Why don't you agree a price for the car and you take over the remaining finance?

So if the car is worth €12,000 and there are 10 payments of €200 due, pay him €10,000 for the car and you make the payments on his behalf.

If he is trying to get the €12,000 up front, then you should drive away very quickly.

Brendan
 
Boober89 said:
Im not obsessing. Just asking simple question. Thanks for your thought guys.
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The simple answer is that the tax office will be unaware of the outstanding payments and will change the ownership to the buyer.

However, this is a dangerous situation to be in
 
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